Martin Shkreli earned the dubious sobriquet “Most hated man in America” for his nefarious tendency to take over Pharma companies and get them to “price gouge” life-saving drugs.
The move caused the intelligentsia, including Hillary Clinton, the Presidential candidate, to condemn him and the Pharma industry.
Martin Shkreli also shot into notoriety for trapping short sellers in KaloBios Pharmaceuticals in the “Mother of all Bear squeezes”. He was reported to have earned a fortune in excess of Rs. 350 crore ($58M).
One of the victims of Martin Shkreli’s deviousness was Joe Campbell, a novice trader who was driven to bankruptcy but was saved thanks to the generosity of anonymous crowd funding.
At that stage, several investors who had been badly singed by Martin Shkreli had prayed for his arrest.
— Jeff Macke (@JeffMacke) November 23, 2015
Someone should go to prison for this $KBIO fiasco.
— NYC Trader (@szaman) November 19, 2015
That prayer was answered today when Martin Shkreli was arrested by the sleuths of the Securities & Exchange Commission over grave charges of formulating a “scheme to defraud investors and potential investors in MSMB Capital by inducing them to invest in MSMB Capital through material misrepresentations and omissions about, inter alia, the prior performance of the fund, its assets under management and the retaining of an independent auditor and administrator; and then by preventing redemptions by investors in MSMB Capital through material misrepresentations and omissions about, inter alia, the performance of the fund and the misappropriation by SHKRELI and others of fund assets”.
Prima facie, the charges sound very grave and if proved, could land Martin Shkreli in serious trouble.
As expected, several investors who had been hurt by Martin Shkreli’s shenanigans were joyous at the turn of events.
Not only arrested for being an unscrupulous twat, turns out he's definitely not on Santa's 'good boy' list either .. https://t.co/gIMUTp1dph
— mack (@mackjangles) December 17, 2015
Karma at its finest — ‘Pharma bro’ Martin Shkreli arrested on federal securities fraud charges https://t.co/qjYA3A8Csv
— Christian McPhate (@writerontheedge) December 17, 2015
Great News!!! Controversial drug CEO arrested by FBI https://t.co/uZjEJUur56
— Abella (@beautifulabella) December 17, 2015
Now, we have to see whether Martin Shkreli is able to engineer some other masterful tactic to get himself out of trouble!